FAO Meat Price Index closes 2024 eight points higher than in 2023
The increase was mainly due to higher beef prices, a result of strong global demand combined with production constraints due to routine year-end maintenance shutdowns at processing plants in major exporting countries.
International sheep meat prices also rose, supported by reduced availability of cattle for slaughter in Australia following improved pasture conditions due to recent rains, which led to greater cattle retention, coupled with sustained global demand.
Pork prices, on the other hand, fell, supported by weaker-than-expected consumer demand in the European Union ahead of the winter holidays.
Meanwhile, poultry meat prices registered a slight decline due to abundant export supplies from Brazil.
For 2024 as a whole, the FAO Meat Price Index averaged 117.2 points, up 3.1 points (2.7 percent) from 2023 , driven by strong import demand from major meat-importing countries amid slower global production growth. This supported higher average prices for beef, sheep and poultry, while average pigmeat prices declined, driven by subdued import demand, particularly from China.
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